Toronto To Build $250 Million Studio Complex
Hackman Capital Partners (HCP) and MBS Group have won a bid for a new $250 million studio complex in Toronto. The city announced the news marking this project as the most significant investment for the industry in more than two decades.
The Basin Media Hub will comprise of 8.9 acres at Toronto’s waterfront Port Lands. Consisting of 5000,000 square feet of film, TV and digital media studio space and production offices. This includes eight purpose-built sound stages as well as workshop and production support spaces.
As part of the deal HCP & MBS will assist the city in creating a new public promenade for urban renewal.
“With production value [in Toronto] on track to hit a record high in 2022, surpassing [the 2019 record high of] $2.2 billion, the industry needs this future state-of-the-art media hub to meet the growing demand for space and Toronto talent,” said city councillor Paula Fletcher, chair of the Film, Television and Digital Media Advisory Board.
As well as the new site, City Councillor Fletcher made it clear that this studio complex will include work experience and training opportunities “for a diverse range of careers in the media production industry, with a particular focus on people in equity deserving groups.”
HCP-MBS have also committed an initial $1 million investment to establish a Basin Media Hub endowment. This will be for a local training program as well as funds for a program coordinator. Its MBS University division, which has experience creating customized programs for hands-on practical crew training, will also provide onsite training space and work experience opportunities for students in local schools.
Home to more than 2.9 million people, Toronto is the fourth largest city in North America. The metropolis has long been an established destination for film production, with celebrated series such as Star Trek Discovery, See, Locke & Key, Schitt’s Creek, What We Do in the Shadows, The Queen’s Gambit, Jack Reacher and the upcoming feature films Nightmare Alley and Women Talking all made in the city.
Netflix announced this year that they will be opening a new Canadian headquarters in the city.